The Disclosures AASB 110 Requires for Material Non-Adjusting Events Include

question 8

Multiple Choice

The disclosures AASB 110 requires for material non-adjusting events include:

• A) a description of each event.
• B) a statement that the financial effect of each event has been recognised and a measure of the size of that effect in the financial statements.
• C) a statement that the event occurred after reporting date.
• D) all of the given answers.

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Definitions:

Significant Influence

The power to participate in the financial and operating policy decisions of the investee, but not control or joint control of those policies.

Depreciation

The systematic allocation of the depreciable amount of an asset over its useful life.

Straight-Line Method

A method of depreciation that allocates an asset's cost evenly throughout its useful life.

Carrying Amount

The value at which an asset or liability is recognized on the balance sheet, calculated as its original cost minus depreciation or amortization.